Thank you, Mr. McKay.
Mr. Carney, I want to follow up on your response to Monsieur Laforest's question about the difference in the forecast for economic growth between this time and the last time you were here. You talked about the recovery moving out and flattening, and then you referenced commodity prices. If I recall in your last presentation, you had commodity prices increasing over the long term as one of the factors of recovery. You referred us to page 27, in terms of U.S. demand for Canadian exports. I'm wondering to what extent commodity prices are included in those exports.
On the second reason for the recovery being delayed or the recession being worse, you talk about the more severe synchronized nature of the global downturn. You also reference less ambitious policy actions in other industrial economies, including the U.S. and Europe. I know it's probably a touchy subject to comment on--actions in other countries and other central banks--but I wonder if you could comment on the commodity price aspect and actions in other countries.
I don't know to what extent the bank forecasts commodity prices and what detail they get into, but natural gas is moving forward, for example. It may interest people to know that for Alberta, the price of natural gas is more important than the price of oil.
So perhaps you could comment on commodity prices, and then on actions in other countries, specifically at the monetary policy level.